Paypal echeck only $5 fee

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disassembled
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Paypal echeck only $5 fee

Post by disassembled » Thu Feb 07, 2008 5:40 pm

I was trying to see if there was a way to transfer money through paypal without incurring the 3% charge of doom which makes some leary of accepting the money without some compensation.

Here is a link (which is not so clear I might add) that states the max charge when using an Echeck is $5. This is great news for those make high dollar purchases such as Mesa amps, PRS guitars, and the like.

https://www.paypal.com/us/cgi-bin/websc ... iving-fees

Here's the quote:

Fees for receiving eCheck payments will not exceed $5.00 USD per transaction. eBay sellers can also choose to offer promotional financing terms on PayPal Buyer Credit funded purchases for an additional fee.


The only difference that I see between using the Credit card or bank transfer method is that the money has to sit for 3-4 days to clear. Other than that it looks like the best way for both the seller to walk away with nearly all of the asking price and the buyer to get the security of paying with paypal.

I hope this helps in the future for those that aren't aware.


This was something I found along the way too:

http://www.calculatepaypal.com/

I am not vouching for the site as to it's accurracy but it was right about the echeck dealy :)
Greg
Last edited by disassembled on Sat Feb 09, 2008 9:22 am, edited 1 time in total.
Arigato gozaimas!

ursinus
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Post by ursinus » Thu Feb 07, 2008 6:56 pm

Yes, the only difference is it takes 3-7 days depending on where you are making or recieving payment. I don't mind waiting....
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disassembled
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Post by disassembled » Thu Feb 07, 2008 9:34 pm

I just sent $1600 to someone for a PRS guitar with an echeck and it is in the clearing phase now. It should be cleared by tuesday.

I don't mind waiting either as 4 days is not worth $50-$100 to just give away to paypal.


Greg
Arigato gozaimas!

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Post by JKD » Thu Feb 07, 2008 11:39 pm

Well...since I usually use a credit card on high $ purchases via PayPal....eCheck doesn't work ;)

Basically...worth noting that eCheck is only good for cash straight outta your bank account :D

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Post by MrMarkIII » Fri Feb 08, 2008 3:59 pm

I can confirm that e-checks take twice as long to clear than other Paypal payments.
Bear in mind, you are basically lending Paypal the money for a extra 3-4 days, during which time THEY are earning interest on said money, NOT you. So, you are giving money to Paypal, they're just not telling you about it up front.
Also, there's NO seller protection available from Paypal when using eCheck.
Caveat vendor.
Last edited by MrMarkIII on Tue Feb 26, 2008 1:16 am, edited 1 time in total.

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Post by Gear-Monkey » Sun Feb 10, 2008 1:15 am

echeck is a great bargaining chip for buyers. Some sellers automatically assume they're incurring 3% charge. Buyer could ask for a 3% discount and any respectable and decent seller would accept.

When I sell something and the buyer pays via echeck, I'll make a new friend, because I forward that 3% savings back to the buyer's paypal account.

In fact, I just refunded a guy last week $75 bones :) made his day.

echeck is the way to go! The less fees sellers have to pay (paypal, shipping, ebay, auctions) the cheaper the seller can sale for. hence finding happy buyers easily.

Good post, thanks for sharing! I posted this at gear-vault forums.

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Post by ursinus » Tue Feb 12, 2008 12:00 am

rabies wrote:
ursinus wrote:Yes, the only difference is it takes 3-7 days depending on where you are making or recieving payment. I don't mind waiting....
dude, what happened to that deuce/ace you had??
I've gotten the DIY bug bad. I've modded many amps for friends and customers, I finally decided to build a Trainwreck clone for myself. Something had to go. The Ace head was it. I do miss it though.
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disassembled
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Post by disassembled » Fri Feb 15, 2008 7:25 am

I can confirm that the Echeck worked for me sending $1600 to buy a guitar.

So an extra 4 days = getting to keep nearly 100% of the money is a great deal IMO.

I highly recommend more people start using this before paypal wises up and starts charging their fee on the echecks as well.



Greg
Arigato gozaimas!

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Post by Gear-Monkey » Sat Feb 16, 2008 12:37 pm

disassembled wrote:I can confirm that the Echeck worked for me sending $1600 to buy a guitar.

So an extra 4 days = getting to keep nearly 100% of the money is a great deal IMO.

I highly recommend more people start using this before paypal wises up and starts charging their fee on the echecks as well.



Greg
I wouldn't call it "wises up". More like "laying to ya"

Google checkout only charge 1.5% last I knew.

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Post by JAZZGEAR » Thu Feb 21, 2008 7:53 pm

gts wrote:
disassembled wrote:I just sent $1600 to someone for a PRS guitar with an echeck and it is in the clearing phase now. It should be cleared by tuesday.

I don't mind waiting either as 4 days is not worth $50-$100 to just give away to paypal.


Greg
Greg,
Please ask the seller if in fact he only got charged $5 to get the money via echeck. It would be worth having this confirmed.
Comfirmed...I've done it and received e-Check payments B4.
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Post by zakkfaerum » Sun Feb 24, 2008 10:46 pm

I received a payment this was as well. For sure it only costs $5.00 to me. That's great!!!! How long will it last though??
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Post by MrMarkIII » Tue Feb 26, 2008 1:17 am

There's NO seller protection available from Paypal when using eCheck. Caveat vendor.

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Post by fantasyl » Sat Mar 29, 2008 6:33 pm

What about leaving paypal and pay NO FEES at all for money transfers?

http://forum.grailtone.com/viewtopic.ph ... highlight=

I'm in noway affiliated with them (in fact I cannot use it as I'm not USA resident), but I think 0$ and 100% protection for the seller is better than paying 5$ and have no seller protection!

And transaction is instant, too (provided you have the funds on the revolution account).

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Post by MrMarkIII » Tue Apr 01, 2008 12:20 pm

If it sounds too good to be true, it probably is.

disassembled
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Post by disassembled » Tue Apr 01, 2008 4:49 pm

This post was meant to be informative about the paypal echeck and not any other service. Paypal has been around for a long time and is an established standard therefore, making it one of the safest. Cheaper doesn't mean better (as musicians I think we can all relate to this).

BTW I have now successfully used the echeck method several times and am very content on keeping the extra money.

I am glad to see more people adapting and using the echeck method while it's $5 per transaction.

Greg
Arigato gozaimas!

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